JYP Entertainment scraps new Gangdong-gu headquarters plan

JYP Entertainment has fully abandoned plans to build a new headquarters in Godeok-dong, Gangdong-gu, Seoul.

The company said Thursday that it had held multiple rounds of talks with the Seoul Housing & Communities Corporation (SH Corporation) and the Gangdong-gu office since first learning in April of a zoning change affecting land in front of the planned site, but ultimately decided to scrap the project.

JYP had signed a contract in October 2023 to purchase a 10,675-square-meter plot in the Godeok-Gangil district from SH Corporation for about 75.5 billion won ($56.4 million). The planned headquarters — a 17-story building with five basement levels — was to include a performance venue with roughly 800 seats, and the company had received a building permit in April.

The project ran into trouble after a nearby park site was rezoned to allow high-rise commercial development, raising concerns about privacy intrusions on the company's artists.

After learning of the zoning change in April, JYP held repeated consultations with SH Corporation and the Gangdong-gu office but was unable to reach an agreement.

"On Aug. 31, 2026, we received an official response from SH Corporation stating that there were no procedural issues with the rezoning of the land in front of the new headquarters site and that restoring the park to its original state was not possible," JYP said. "We have reached the final conclusion that it is no longer feasible to proceed with the project."

The company has not disclosed how it plans to handle the Godeok-dong site going forward.

In place of the scrapped headquarters, JYP said it would purchase a building near its current office in Seongnae-dong to expand its workspace.

"As this decision was made after lengthy deliberation and careful consultation, we ask for your broad understanding and consideration," the company said. "Since relocating to Gangdong-gu in June 2018, we have continued to grow, and we will maintain close cooperation with the local government anchored at our Seongnae-dong office while pursuing sustainable growth going forward."